It invests across market caps within India, picks marquee names abroad, and holds cash, debt and arbitrage positions while waiting for the right opportunity — when quality stocks are available at reasonable or attractive prices.

Parag Parikh Long Term Value Fund is among the more unusual equity funds. What sets this diversified fund apart from other multi-caps is that, one, it can invest up to 35 per cent of its portfolio in foreign securities. It used this mandate and maintained an overseas exposure of around a quarter of its portfolio over the past two years. Two, it can take arbitrage positions if it finds such opportunities, and if the prevailing market environment doesn’t provide other investment opportunities. This multi-cap fund is also the AMC’s only fund.

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Parag Parikh Long Term Value Fundseeks to provide returns for investors using the value investing theme. The fund had just over 10 per cent of its portfolio in cash at the end of June 2013 as it had just been launched a month earlier and was in the process of investing its corpus. Companies that would gain from special situations formed over 16 per cent of the portfolio while banks, finance and gas were some of the other prominent sectors present. There was also a large allocation to debt in the portfolio.

It invests wherever it finds value — small-cap, mid-cap, large-cap, domestic, international — and picks off-beat stocks. That’s the mandate of PPFAS Long Term Value fund, managed by Parag Parikh Financial Advisory Services’ asset management company. The fund was launched in May last year and is the only one from the PPFAS stable.

PPFAS Asset Management Ltd is the latest entrant in the Rs. 8.25 trillion Indian mutual fund (MF) industry. It belongs to Parag Parikh Financial Advisory Services Ltd, an investment advisory firm that has managed portfolio management services (PMS) schemes for many years. The MF has introduced its first scheme— (PLTV). It is an equity diversified fund that will invest in companies across market capitalization. It will follow a “value” style of investing and will invest in scrips where it says it will not “overpay for the stocks”. Fund manager Rajeev Thakkar said PLTV will invest in mid- and small-cap scrips as well.

A capital Idea: The much-awaited new equity fund from the stables of value-investing guru Parag Parikh is now on offer. THE , offered by Parag Parikh Financial Advisory Services (PPFAS), AMC opened for subscription on May 13.